Federal Budget Rules: The US Experience

This paper was presented at a conference on Fiscal Rules and Institutions organized by the Economic Council of Sweden, Stockholm, October 2007. I am grateful to my discussant, Torbjörn Becker, to other conference participants, and to Dhammika Dharmapala, Bill Gale, Richard Kogan and Dan Shaviro for comments on earlier drafts. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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